The 3.2 GHz Pentium 4 is the best choice available.
No AMD is better than that, except for the 64-bit, but that is impractical to the general public as of yet.
AMD utilizes a large cache to make up for the lost clock speeds. Pentium's still take the cake when it comes down to it. The Hyper Threading is no big deal, and is not as ground-breaking as the emergence of 64-bit technology. AMD has always been behind, and is gradually gaining. Intel better get their act together or their market will be lost!
Still, I would hands-down recommend the Pentium.
The 2.8 GHz Pentium 4 I have now generously outdid the AMD Athlon XP 3000+ I owned. Hope this helps.
Asus has good boards.
Intel P4 2.8GHz H/T
Windows XP Professional